New delhi, Sept. 17 -- ICICI Bank on Wednesday said tax authorities have slapped a demand notice of Rs 49.11 crore on it for alleged short payment of GST.
In a regulatory filing, ICICI Bank said that it received on September 15 an "order in appeal under section 107 of the West Bengal Goods and Services Tax Act, 2017, from Additional Commissioner of Revenue (Appeals), West Bengal, raising a demand amounting to Rs 49.11 crore (tax Rs 23.52 crore interest Rs 23.23 crore and penalty
Rs 2.35 crore)".
The aforesaid order in appeal includes an issue relating to GST demand on services provided by banks to customers maintaining specified minimum balances in their accounts. In the past, the bank had received show cause notices (SCNs) and order(s) on the same issue from various tax authorities, the
bank said.
While the bank has filed writ petition (s) against the SCNs, since the aggregate/cumulative amount involved in the above crosses the materiality threshold, this matter is being reported, it said. "The bank will take appropriate steps, including contesting the order through a further appeal within prescribed timelines."
The bank was in the process of evaluating the contents of the order, which had resulted in a delay in the disclosure,
it added.
Published by HT Digital Content Services with permission from Millennium Post.